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Tata Power first-quarter profit jumps nearly five-fold, tops estimates

(Reuters) - Tata Power Co Ltd reported a near five-fold jump in quarterly profit on Thursday due to a one-off gain on sale of investments.

Profit attributable to owners of the power generator and distributor was 16.71 billion rupees ($243.22 million) for the quarter ended June 30, compared with 3.49 billion rupees a year earlier.

This was the fifth straight profitable quarter for the company.

The company sold investments in Tata Communications Ltd and Panatone Finvest Ltd, netting an exceptional gain of 18.97 billion rupees during the quarter.

Analysts on average had expected Tata Power to post a profit of 3.64 billion rupees, according to Thomson Reuters I/B/E/S data.

Revenue from operations rose 14 percent to 73.13 billion rupees.


($1 = 68.7025 Indian rupees)


(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Subhranshu Sahu)